Grasscroft Property and Seddon Developments plan to build 500 homes and 700,000 sq ft of commercial space on 120 acres at Foxdenton after receiving planning permission from Oldham Council. There will be more than 20 acres of parkland.
Outline permission was granted for the property and detailed permission for the link road to open up the site, connecting the A663 Broadway and B6189 Foxdenton Lane, as well as demolition of all existing buildings on the site.
Jon Suckley, partner at HOW Planning, said: "This is an excellent scheme which will transform what is a large scale and sustainable site into an attractive new development. It will create many opportunities for the local community and the wider borough, acting as a catalyst for investment to the area.
"It is great news that the scheme has been given the green light and we are all looking forward to seeing work start on this important scheme that will bring new homes and employment to the town of Oldham."
Jamie Seddon, director of Seddon Developments, added: "We have been working closely with all our advisers for a long time to ensure this development meets all expectations and ambitions for the area. This announcement enables us to progress with the scheme and ensure this major regeneration programme becomes a reality."
The project team includes masterplanner 5Plus, transport consultant Curtins and Wardell Armstrong as environmental engineer.